Until Congress began to periodically raise benefit levels to adjust for inflation, the first recipients of Social Security checks:
A. lost value over time, because the payments were not adjusted for inflation.
B. received a fixed amount that caused their real income to decline.
C. grew poorer over time, because the payments were nominal amounts.
D. All of these statements are true.
D. All of these statements are true.
You might also like to view...
Smith just bought a house for $250,000. Earthquake insurance, which would pay $250,000 in the event of a major earthquake, is available for $25,000
Smith estimates that the probability of a major earthquake in the coming year is 10 percent, and that in the event of such a quake, the property would be worth nothing. The utility (U) that Smith gets from income (I) is given as follows: U(I) = I0.5. Should Smith buy the insurance? A) Yes. B) No. C) Smith is indifferent. D) We need more information on Smith's attitude toward risk.
The Grangers were:
a. an organization designed to support the interests of railroads. b. an agrarian society. c. an abolitionist organization. d. a society that petitioned for Prohibition.